pile of different credit cards
Monica Williams
By: monica_williams
Read in 24 minutes

The 10 Best Business Credit Cards For Bad Credit And Good Credit – 2022

Having the best business credit cards for bad credit can help you propel yourself forward. They allow you to take care of some cash emergencies in your business and make regular purchases.

But there are so many credit cards out there that choosing one might seem impossible, especially if you have poor credit.

There’s an overwhelming amount of credit cards available for you, but as a busy business owner, you don’t want to lose your time comparing and shopping around. So we did precisely that for you.

Here you will find a list of the best commercial credit cards for small businesses. We’ve divided the list into credit cards for good credit and ones for bad credit to make things easier for you.

But if what you need is cash, a small business loan might be a better alternative with fewer requirements and more benefits.

Apply For A Business Loan!

 

10 Best Business Credit Cards For Good Credit

Here’s a shortlist of the best credit cards for businesses with gcahood to excellent credit scores.

The Business Platinum Card American Express

Annual fee: $595

Required credit score: 690+

APR (for Pay Over Time balances): 18.24%

Penalty fees: $39 or 2.99% for late payment. $39 for return payment.

Benefits and Features

  • This is one of the best business credit cards because you earn 75,000 Membership Rewards points after spending $15,000 all on qualifying purchases within the first 3 months of membership.
  • Get access to more than 1,200 airport lounges in 500 countries spread out across the globe.
  • The unsecured business credit card offers travelers more lounge options than any other credit card provided on the market today.
  • Receive up to $200 every year in statement credits every time a qualifying airline charges incidental fees such as in-flight refreshments to your business credit card.

American Express Business Gold Card

Annual fee: $295

Required credit score: 690+

APR: 14.24% – 22.24%

Penalty fees: $39 or 2.99% for late payment. $39 for return payment.

Benefits and Features

  • Earn 50,000 Membership Rewards points after spending $5,000 on eligible purchases within the first 3 months of membership.
  • Earn 4x points on the 2 categories where you spend most each month, up to the first $150,000 in combined spend, including shipping, buying gas, advertising in select media, purchased-directly-from-an-airline airfare, and computer cloud computing, software, and hardware purchases.
  • Also, earn 1 point per dollar on purchases after that.

Marriot Bonvoy Business American Express Card

Annual fee: $125

Required credit score: 690+

APR: 15.74% – 24.74%

Penalty fees: Up to $39 for late payment. $39 for return payment.

Benefits and Features

  • Earn 100,000 bonus Marriott Bonvoy points after using your new card to make $5,000 in purchases within the first 3 months.
  • Get 6 points for each dollar of eligible purchases at participating Marriott Bonvoy hotels.
  • Get 4 points at US restaurants, gas stations, wireless telephone services bought directly from service providers in the US, and on US shipping purchases.
  • Earn 2 points on every other eligible purchase
  • Receive 1 free night award every year after your card’s account anniversary. Plus, earn an additional free night award after spending $60,000 in purchases on your card in a calendar year.
  • No blackouts.

Capital One Spark Cash for Business

Annual fee: $0 annual fees for the first year; $95 afterward

Required credit score: 690+

APR: 20.99%

Penalty fees: Up to $39 for late payment.

Benefits and Features

  • Earn a $500 cash bonus after spending $4,500 within the first three months of card opening.
  • Get an unlimited 2% cashback.
  • Zero fraud liability if your unsecured business credit card gets lost or stolen.
  • Get automatic fraud alerts.
  • Redeem points anytime; no minimums.
  • No foreign transaction fees.
  • Easily and securely download your purchase records to multiple formats, including Excel, Quicken, or QuickBooks, to make accounting easy.
  • Receive quarterly and yearly reports and easily handle your planning, budgeting, and taxes.

Chase Ink Business Cash Credit Card

Annual fee: No annual fee

Required credit score: 690+

APR: 0% for the first 12 months, 13.24% to 19.24% after that

Penalty fees:$39 for late payment. $39 for return payment.

Benefits and Features

  • This is one of the best business credit cards for cash back.
  • Earn $500 bonus cash back after spending $3,000 within 3 months of account opening.
  • Earn 5% cashback on the first $25,000 spent on office supply, internet, cable, and phone services.
  • Also, earn 2% cash back on the first $25,000 spent on meals and gas.
  • Earn 1% cash back on every other purchase.
  • Redeem rewards for cash back, travel, and gift cards via Chase Ultimate Rewards®.
  • As long your card stays open, cash rewards don’t expire.

Chase Ink Business Preferred Credit Card

Annual fee: $95

Required credit score: 690+

APR: 15.99%–20.99%

Penalty fees:$39 for late payment. $39 for return payment.

Benefits and Features

  • Earn 100,000 points upon spending $15,000 within 3 months of card opening.
  • Earn 3 points per dollar on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable, and phone services, and on advertising purchases made with social media sites and search engines each account anniversary year.
  • Get free employee cards.
  • No foreign transaction fees.

Capital One Spark Miles

Annual fee: $0 for the first year and $95 afterward

Required credit score: 690+

APR: 20.99%

Penalty fees:$39 for late payment.

Benefits and Features

  • Spend $4,500 on purchases within the first 3 months of card opening and receive 50,000 bonus miles.
  • No blackouts, seat restrictions, or minimum to redeem.
  • It’s the best small business credit card because you earn unlimited 2 miles on each purchase.
  • Zero fraud liability if a card gets stolen or lost.
  • Redeem miles for hotel stays, airline tickets, and vacation packages with no expiration date.

United Business Card

Annual fee: $0 for the first year; $99 afterward

Required credit score: 690+

APR: 16.49%–23.49%

Penalty fees:$39 for late payment. $39 for return payment.

Benefits and Features

  • Get 75,000 bonus miles after spending $5,000 within the first 3 months of opening the card.
  • Get 2 miles on purchases from United, including tickets, inflight food, beverages, Wi-Fi and other charges, restaurants and eligible delivery services, gas stations, office supply stores, and local transit and commuting.
  • Also, get 1 mile per $1 spent on all other purchases.
  • Employee cards at no additional cost.

Southwest Rapid Rewards Performance Business

Annual fee: $99

Required credit score: 690+

APR: 15.99%–22.99%

Penalty fees:$39 for late payment. $39 for return payment.

Benefits and Features

  • Earn 9,000 points annually on your cardmember anniversary.
  • It’s one of the best corporate credit cards because you can get free employee cards.
  • No foreign transaction fees.
  • Earn 60,000 points after spending $3,000 on business purchases within the first 3 months of opening the credit card.
  • Earn 3 points for every $1 you spend on Southwest Airlines purchases, 2 points for every $1 you spend on social media and search engine advertising, internet, cable, and phone services, and 1 point for every dollar you spend on all other purchases.

Bank of America Business Advantage Travel Rewards World Mastercard

Annual fee: No annual fee

Required credit score: 720+

APR: 0% for the first 9 billing cycles, 12.24% to 22.24% after

Penalty fees:$19 – $49 for late payment. $39 for return payment.

Benefits and Features

  • Make $3,000 in purchases within the first 90 days of credit card opening and earn 30,000 bonus points.
  • This is the best business credit card for travel because every dollar you spend on travel purchases (such as airline, car, or hotel) earns you 3 points.
  • Each dollar you spend on all purchases earns you 1.5 points each time, regardless of how much you spend.
  • No limit to how many points you can accumulate.
  • Points do not expire.
  • No foreign transaction fees.
  • If you are a Business Advantage Relationship Rewards client, you can earn up to a 75% rewards bonus for every purchase made.

Secured vs unsecured credit cards

5 Best Business Credit Cards For Bad Credit History

If you have a bad credit score, we recommend applying for secured credit cards. Here are our top 5 business credit cards for bad credit.

OpenSky Secured Visa Credit Card

Annual fee: $35

Required credit score: 300+ (no credit check)

APR: 17.64% variable

Penalty fees: 3% foreign transaction fee

Benefits and features:

  • $200 refundable minimum deposit is the card holder’s credit limit.
  • These business credit cards for bad credit offer no credit check when applying.
  • Cardholders’ eligibility to receive a more significant credit line or an unsecured card increases after 6 months.
  • The issuer reports monthly payments to all 3 major credit bureaus.
  • No monthly fees.
  • 50% of cardholders making timely payments improve their FICO score by 30+ points in 3 months.
  • Flexible payment due dates – card holders choose the best date for them.

Wells Fargo Business Secured Credit Card

Annual fee: None

Required credit score: 300+

APR: 15.9% variable, cash advance 24.74% variable

Penalty fees: Maximum late fee $50, 4% cash advance fee (minimum $10)

Benefits and Features:

  • The Fargo business secured credit card has no membership or foreign fees.
  • You need a $500 minimum security deposit for these business credit cards for bad credit.
  • 1.5% cash back for every $1 spent on net purchases. Cardholders must enroll in the cashback rewards program.
  • Wells Fargo credits cashback to the cardholder’s account or eligible checking or savings accounts quarterly.
  • It’s the best credit card for small business because there’s a periodical review to upgrade to an unsecured card.
  • Wells Fargo Business Online enables cardholders to track spending, payments, and transfers.
  • Zero Liability Program, Rapid Alerts, Fraud monitoring, and Purchase Assurance help businesses keep finances safe.

Credit One Bank Platinum Visa

Annual fee: $75 first year (charged when account opened), $99 per year after that

Required credit score: 300+

APR: 24.24% variable

Penalty fees: Cash Advance Fee $5 or 8%, whichever is greater, foreign transaction fee 3% or $1, whichever is greater, maximum late fee $39.

Benefits and features:

  • Credit line increase reviews.
  • 1% cash back rewards on gas, food, mobile phone, internet, cable, and satellite TV service purchases.
  • $300 spending limit with no security deposit required.
  • The secured business credit card offers monthly credit bureau reporting.
  • Applicants can apply without harming their credit.

First National Bank Of Omaha Business Edition Secured Visa Card

Annual fee: $39

Required credit score: 300+

APR: 20.49% variable, cash advance 25.49% variable

Penalty fees: Cash Advance Fee 5% (minimum $15), foreign transaction fee 3%, maximum late and over-limit fees $39 each.

Benefits and features:

  • $2,200 minimum security deposit (deposit is 110% of your own credit limit).
  • Credit limit between $2,000 and $100,000.
  • Cardholders paid interest on the security deposit.
  • Discounts are available with Visa SavingsEdge.
  • Cardholders can track and monitor spending, red flag their tax deductions, and use collected data to prepare tax filings.
  • Attractive financing option for business owners with bad credit.

Secured Sable ONE Credit Card

Annual fee: None

Required credit score: 300+

APR: 10.99% variable

Penalty fees: Foreign transaction fee 2%

Benefits and features:

  • This is one of the best business credit cards with no annual fee.
  • Minimum security deposit $10 (spending limit equals deposit amount).
  • You don’t need to pay a membership or monthly fees for this secured business credit card.
  • 2% cash back on everyday purchases from merchants such as Amazon, Uber, Uber Eats, Whole Foods, Netflix, Spotify, and others.
  • 1% cash back on all other purchases.
  • Cardholders receive a dollar-for-dollar match at the end of the first year on all cash back.
  • Applicants can qualify with little or no credit history.
  • No credit check to apply.
  • Up to $10,000 credit limit.
  • No SSN required for non-citizens of the US.

Best personal cards for bad credit

What To Consider When Choosing A Business Credit Card

Requirements

Make sure you know the requirements of the vendor of your choice since they differ widely among business credit cards.

Of course, you need to have a business, even if it’s a small sole proprietorship.

Also, make sure you know your credit score since most business credit cards will require you to meet a minimum threshold. You may not get approved for some cards unless your credit is good.

That said, there are also credit cards for business with bad credit.

Finally, while some business card providers require you to have a Social Security Number, others will extend you a credit card without SSN.

Type Of Business

Consider what type of business you have.

Are you and your employees always doing long-distance travel?

Do you spend tons of money entertaining clients in restaurants?

Maybe your company spends a lot on gas?

Choose a business credit card that delivers the most benefits given your business’ lifestyle. If you plan to use your card to make a big purchase soon, consider one that comes with an introductory 0 % APR deal.

Rewards

Consider your type of business and the kind of operational costs you have when thinking of the rewards you want to seek. Then, get one that offers the best rewards for those expenses.

Fees

Look at the annual fee payable. Sometimes, paying a yearly fee makes sense. Usually, cards that require an annual fee offer higher sign-up bonuses and higher rewards rates.

#CaminoTip
In order to keep your good credit score, always pay your monthly business credit card bill in full and on time. You can set up automatic payments so you don’t need to remind yourself or write down the due date on your calendar. When you pay down your credit card bill within 30 days, you don’t pay interest.

A credit card might not be the best alternative for you and your business. Have you considered a small business loan?

Get Approved For A Loan Today

Pros And Cons Of Small Business Credit Cards

If you’re still unsure if a business credit card is right for you, check out their pros and cons:

Advantages

  • They’re an easy and practical way to make business expenses
  • Commercial credit cards offer bonuses and rewards
  • They help you build your credit history

Disadvantages

  • Because of the interests and fees, they can end up being expensive
  • You can’t use them to make significant expenses (compared to purchases you can make with a loan)
  • Many small business credit cards require a personal guarantee

Check out this complete list of benefits that come with a business credit card

Most Common Business Credit Card Qualifications

  • Minimum age of 18 or 21 years (can vary per credit card issuer)
  • Date of birth
  • Bank account information
  • Valid ID to verify the person’s identity
  • Verified, physical US address where the applicant resides
  • Sufficient income or assets to make payments verified using tax returns, paycheck stubs, or annual W-2 statements
  • Social security number (SSN) or Individual Taxpayer Identification Number (when accepted by the creditor)
  • Credit score rank that meets lender requirements and credit history review
  • That you have a limited number of new accounts

How To Apply For A Business Credit Card

First, find the application. You may find it online or on paper if you go to a bank.

The application requests information such as:

  • Your company’s legal name or DBA if a sole proprietor
  • Tax ID number
  • Physical and mailing addresses (if they’re different)
  • Business entity type
  • The business’s industry designation

You will also need data from financial statements, bank statements, and tax returns.

#DidYouKnow
You may need to supply personal information such as SSN, date of birth, and income.

Creditors may ask for a personal guarantee signed by the business owners or partners validating that they will repay the debt should the business default on making payments.

Once you complete the application, review and sign it. Finally, submit it to the credit card issuer.

It may take hours, days, or weeks before you hear anything and another 2 weeks before receiving the card.

5 Tips On How To Use Small Business Credit Cards

If you’ve never used a business credit card, maybe you’re feeling a bit anxious about how you’ll use it. But you don’t have to worry; by following these tips, you’ll become an expert in using credit cards.

  1. Create guidelines (and follow them!) on which expenses you can use the credit card on and which ones you shouldn’t
  2. Never use your business credit card for personal purposes and vice versa
  3. Never use more than 30% of your credit limit
  4. If your employees will use the credit card, make sure to have policies on how to use it and who gets to use it
  5. Make sure to use your points and cashback rewards (many people let them expire)

Learn here the do’s and don’ts when using a business card

Tips To Improve Your Credit With A Business Credit Card

If you want to build business credit, follow these tips:

  • Pay the credit card bill 5 to 10 days before the due date
  • Pay the balance due or more than the minimum balance
  • After making timely payments for 4 to 6 months, ask the card issuer to increase your credit limit
  • Using no more than 30% of your available credit and less, if possible, helps to improve your credit score
  • Become an authorized user on another person’s account who has a high credit limit and excellent credit history
  • Check your credit history report for errors and have mistakes removed
  • Make arrangements to have rent and utility payments reported to credit bureaus which show you make payments on time.
  • Add one or two new credit accounts, such as another credit card or a loan, to reduce your credit utilization ratio

Alternatives To Business Credit Cards

  • Business loans. Available from traditional and alternative lenders, small business loans protect personal wealth, build credit, and provide working capital.
  • Savings account. With existing funds on hand, business owners use their own money to cover unexpected expenses without paying loan interest and fees.
  • Personal credit card. You could also apply for a personal credit card to make business purchases. While this is not recommended, it might be the solution if you can’t get other types of credit.
  • Family and friends. This type of short-term financing helps a business owner start or sustain a business. However, they should put the financial arrangement in writing and repay the debt regularly.
  • SBA loans. Applicants may qualify for SBA loans which offer small and large loan amounts and capped interest rates. The problem is that they have stringent requirements.
  • Investors. Business owners benefit from an investor’s business expertise without having a loan payment each month. Investors work with a network of professionals to help grow a business.
  • Home Equity Loans. Borrowers borrow a percentage of their home’s equity and make monthly fixed payments to repay the loan. The real estate property serves as collateral which normally lowers borrowing costs.

A Better Option Than Credit Cards

Did you know that commercial loans offer several advantages over credit cards for businesses?

First, commercial loans typically have lower interest rates than credit cards. This can save your business money on the total amount you borrowed.

Second, business loans come with fixed repayment terms that are easier to budget around. This can give your business the ability to better manage its cash flow.

Third, you can use commercial loans for various purposes, while credit cards are typically only useful for making small purchases. This means that you can use a loan to finance your business’s expansion or other significant projects.

Finally, commercial loans are often easier to qualify for than credit cards.

This is because lenders typically consider businesses to be less of a risk than individuals when lending money.

Overall, business loans offer more advantages over credit cards for businesses. If you need capital for your business, be sure to compare the interest rates, repayment terms, and eligibility requirements of both options before deciding.

Even better yet, check out Camino Financial loans, which have minimal requirements and top-notch customer service.

Apply now!

 

FAQs

What are small business credit cards?

Business credit cards (also called commercial credit cards) are just like personal credit cards, except they’re used for business expenses.

How do they work?

Once you apply and receive approval for a business credit card, you’ll get a credit limit, which works as the maximum amount you can the card issuer allows you to spend. This means that the credit limit work per month, not per purchase (in other words, as you make purchases, the limit decreases). Each month, the limit resets itself.

With each purchase, you might get extra benefits, like points or cash back.

What are the types of business credit cards?

There are 2 main types of commercial credit cards:

  • Secured credit cards: This card requires you to make a refundable security deposit (in cash) that works as the credit limit.
  • Unsecured credit cards: This credit card doesn’t require a cash deposit, and the issuer establishes your credit limit depending on your credit score.

Why should I get a small business card?

A small business credit card can help you handle unexpected business expenses, build your business credit, keep an eye on your employees’ expenses, and stay organized.

How do I qualify for a business credit card?

Follow these tips:

  1. Incorporate your business to help separate your personal credit from that of your company
  2. Apply for an EIN number
  3. Open a business bank account
  4. Before you apply, make sure you have the minimum required credit score

Can you get a business credit card with bad credit?

Yes, you can. If you have a bad or poor credit score of 550 or below, you can apply for a secured credit card (meaning, you’ll need to put up collateral). Also, check our list of the best cards for bad credit.

Can I use my EIN to get a credit card?

The primary purpose of an EIN (Employee Identification Number) is to serve the IRS as an identifier for your business taxes. Still, most banks require it to open a bank account or get a loan or credit card.

Do business credit cards check personal credit scores?

Most card issuers check both personal and business credit scores, especially when they require applicants to sign a personal guarantee to secure approval.

How do I establish business credit?

Only apply for a business credit card that reports payments to the 3 major credit bureaus.

Once you start using the card, pay off the balance in full each month. Your credit score should increase within 3 to 6 months.

Also, use only 30% of your available spending limit each month and ask for a credit limit increase after making timely payments for 6 months.

Can I get a business credit card with bad personal credit?

Yes, many lenders offer secured and unsecured business credit cards with benefits such as cash back on purchases and tools to monitor expenses.

The credit card issuers charge a higher variable APR and may require a minimum security deposit.

Does opening a business credit card affect your credit score?

It depends on whether the lender performs a soft or hard inquiry to view your credit history.

Bad credit applicants should apply for credit cards with no credit checks or ones that do a soft check.

Is a secured or unsecured card better for building credit?

Whether a card is secured or unsecured doesn’t build credit unless the credit card lenders report payments to the 3 credit bureaus.

Likewise, neither type of card per se builds credit unless the cardholder makes regular payments and doesn’t overspend the card’s limit to optimize their credit profile.

That said, if you don’t have a previous credit history, a secured card would be a better option for you.

What’s the difference between personal and business credit cards?

Individuals use personal credit cards to pay for day-to-day personal expenses, while businesses use their cards exclusively for business expenses.

Can I use my EIN to get a credit card?

Yes, businesses should use the EIN the IRS assigned to businesses operating as corporations, partnerships, and limited liability companies when applying for a business credit card.

What credit score do I need for a small business credit card?

To get the best unsecured business card, businesses should have a credit score of 700 or higher. Certain lenders may accept a lower credit score but charge higher rates and offer fewer benefits.

Can you get a business credit card without an income?

Applicants apply for business credit cards using their SSN and personal credit histories. Lenders may approve their applications with other income sources and good personal credit scores.

However, lenders may ask the applicant to sign a personal guarantee should the business fail to pay off a credit card balance.

 

Check if you
qualify for a loan

LEARN MORE